Ben R. Wheeler
MYRIAD GENETICSAbout Ben R. Wheeler
Ben R. Wheeler is Chief Financial Officer of Myriad Genetics, appointed effective August 16, 2025; he was also designated Principal Accounting Officer effective October 24, 2025, with no additional compensation for that designation . Wheeler, age 42, has held senior finance and accounting leadership roles at Myriad for more than 13 years and previously served as an auditor at Ernst & Young; he holds bachelor’s and master’s degrees in accounting from Brigham Young University and is a CPA . Company performance context for incentive alignment: Myriad delivered 2024 revenue of $837.6–$838.0 million (+11% YoY), adjusted operating income of $21.8 million, adjusted EBITDA of $40.4 million, and improved adjusted EPS to $0.14; long‑term incentives include PSUs tied to revenue, adjusted EPS, and relative TSR measured against the Nasdaq Health Care Index (IXHC) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Myriad Genetics | Chief Financial Officer | Aug 2025–present | Promoted to CFO to lead finance and support profitable growth strategy; reaffirmed FY25 guidance upon appointment . |
| Myriad Genetics | Principal Accounting Officer (additional designation) | Oct 24, 2025–present | Designated PAO in addition to CFO; no additional compensation . |
| Myriad Genetics | SVP & CFO, Operations | Jun 2022–Aug 2025 | Led operational finance; precursor to CFO role . |
| Myriad Genetics | SVP, Finance & Treasury | Jul 2020–Jun 2022 | Oversaw treasury and finance functions . |
| Myriad Genetics | SVP, Accounting | Jun 2018–Jul 2020 | Led accounting organization . |
| Myriad Genetics | VP, Corporate Controller | Dec 2014–Jun 2018 | Corporate controllership and reporting . |
| Myriad Genetics | Controllership roles | Dec 2011–Dec 2014 | Progressive accounting leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young | Auditor | Pre‑2011 | Audit and assurance experience foundational to controllership and CFO roles . |
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $490,000 (per Employment Agreement, effective Aug 16, 2025) . |
| Target Annual Bonus | 75% of base salary (CHCC/CEO‑set goals annually) . |
| Principal Accounting Officer designation | No additional compensation when designated on Oct 1/24, 2025 . |
Performance Compensation
Initial Equity Grants (upon CFO appointment)
| Grant Date | Instrument | Shares | Vesting Terms |
|---|---|---|---|
| Aug 16, 2025 | RSUs (time‑based) | 60,000 | “Standard” time‑based vesting; company practice is pro‑rata over 3 years subject to continued employment . |
| Aug 16, 2025 | RSUs (performance‑based) | 60,000 | Vest upon satisfaction of CHCC‑set performance metrics and standard time‑based vesting; company PSUs typically measure revenue, adjusted EPS, and relative TSR over a 3‑year period . |
Company LTIP Design (context for Wheeler’s PSU metrics)
| Metric | Weighting | Measurement Window | Vesting |
|---|---|---|---|
| Revenue | 34% | FY2026 result | PSUs vest on 3‑year anniversary subject to metrics . |
| Adjusted EPS | 33% | FY2026 result | PSUs vest on 3‑year anniversary subject to metrics . |
| Relative TSR vs IXHC | 33% | Jan 1, 2024–Dec 31, 2026 | PSUs capped at target if absolute TSR is negative . |
2024 Short‑Term Incentive (STIP) precedent for CFO role
| Metric | CFO Weight | Threshold | Target | Maximum | Actual | Achievement (% of Target) | Payout Component |
|---|---|---|---|---|---|---|---|
| Revenue | 35% | $788.5m | $830.0m | $871.4m | $837.6m | 109% | 38.2% (weight×achievement) . |
| Adjusted Operating Income | 25% | ($5.6)m | $7.2m | $20.3m | $21.8m | 150% | 37.5% (weight×achievement) . |
| Employee Engagement (percentile) | 5% | 54th | 77th | 91st | 79th | 107% | 5.4% . |
| Customer NPS (percentile) | 5% | 60th | 65th | 75th | 71.6th | 133% | 6.7% . |
| Individual MBOs | 30% | — | — | — | CFO MBO score 83% | — | 25.0% × 83% = 20.8% . |
| Total STIP Payout (CFO) | — | — | — | — | — | — | 112.7% of target bonus . |
Notes: The table reflects 2024 CFO calibration and outcomes (Scott Leffler) to illustrate the metric architecture and payout formula used by CHCC; Wheeler’s ongoing STIP will be set annually by CHCC/CEO under a similar framework .
Equity Ownership & Alignment
- Stock ownership guideline: CFO must hold common stock valued at 3× base salary; executives must retain 50% of net shares from RSU vesting or option exercise (after taxes) until guideline met .
- Anti‑hedging and anti‑pledging: Hedging, short sales, and pledging of company stock are prohibited, with no waivers granted .
- Clawback policy: Board adopted a clawback policy compliant with SEC and Nasdaq rules in 2024; CHCC administers recoupment of incentive compensation as applicable .
- Beneficial ownership: Specific share counts for Wheeler not disclosed in the 2025 proxy; compliance status relative to the 3× guideline not disclosed .
Employment Terms
| Item | Detail |
|---|---|
| Employment Agreement | Dated Aug 14, 2025; CFO start Aug 16, 2025; sets base salary ($490k), 75% target bonus, LTI eligibility, and initial RSU grants (60k time‑based; 60k performance‑based) . |
| Standard Agreements | Employee invention/confidentiality & restrictive covenants; Severance and Change‑of‑Control Agreement; Indemnification Agreement executed with CFO appointment . |
| Severance/Change‑of‑Control Economics (precedent) | The company’s CFO Severance and Change‑of‑Control framework (as evidenced in Leffler’s 2025 separation) provided a lump‑sum equal to current base salary ($550k) + current target bonus ($412,500) + pro‑rata target bonus ($276,884), plus up to 12 months of COBRA premium payments; time‑based equity accelerated to the extent scheduled to vest within 24 months and performance awards remained outstanding for up to 24 months for potential vesting if conditions were met . |
| Principal Accounting Officer designation | Wheeler designated to also serve as PAO effective Oct 24, 2025; no incremental compensation . |
Compensation Peer Group and Governance
- Peer group: CHCC used a 19‑company peer set (e.g., Exact Sciences, Natera, NeoGenomics, Veracyte, Bio‑Techne, Invitae, etc.) and survey data to benchmark executive compensation decisions for FY2024 .
- Say‑on‑pay: 95% approval at the June 6, 2024 annual meeting, indicating strong shareholder support for the pay program .
- Pay practices: 50% of executive equity granted as PSUs; caps if absolute TSR negative; no repricing; robust ownership guidelines; anti‑hedging/pledging; annual advisory vote on compensation .
Performance Compensation Detail (program context)
| Feature | Company Design |
|---|---|
| Annual Cash STIP metrics | Revenue and adjusted operating income (50–70% combined weight), employee engagement (5%), customer NPS (5%), and individual MBOs (20–40%) . |
| FY2024 outcomes | Revenue achieved 109% of target; adjusted operating income 150%; engagement 79th percentile (107%); NPS 71.6th percentile (133%) . |
| LTIP PSU metrics | Revenue (34%), adjusted EPS (33%), relative TSR vs IXHC (33%); 3‑year measurement/vesting; 2022 PSU total achievement was 66% (revenue growth 98%, adjusted EPS 0%, relative TSR 100%) . |
Risk Indicators & Red Flags
- Pledging/Hedging: Prohibited by policy; reduces misalignment risk .
- Clawback: Adopted and administered by CHCC; supports pay‑for‑performance integrity .
- Severance optics: CFO precedent includes one‑year COBRA and significant equity acceleration over a 24‑month schedule—a retention lever but potential optics risk in downturns .
- Governance: Strong ownership guidelines (3× salary for CFO) and mandatory 50% post‑vesting hold until compliance; mitigates near‑term selling pressure .
Investment Implications
- Alignment: Wheeler’s package links pay to revenue, adjusted EPS, and relative TSR, with robust ownership requirements and anti‑hedging/pledging—positive alignment and governance signals .
- Retention and selling pressure: Initial 120k RSUs (half performance‑based) and 3‑year vesting structure support retention; the 50% post‑vesting hold until 3× salary guideline is met should temper near‑term selling pressure, though scheduled accelerations under severance frameworks can create event‑driven supply if triggered .
- Execution risk: CHCC’s 2024 metrics were met/exceeded (revenue/adjusted OI), but payer policy changes (e.g., UHC’s PGx coverage) pressured stock and operations in 2025; Wheeler’s finance leadership will be critical to navigating reimbursement and strategic realignment impacts on margins and cash flow .
- Shareholder sentiment: High say‑on‑pay support and disciplined CHCC practices reduce governance overhang; monitoring future PSU outcomes and changes to incentive metrics remains key .